Brokerage Morning Meeting Highlights | The Bounce Will Continue, Focusing on the New Pattern Direction

Yesterday, the three major indices showed mixed performance, with the Shanghai Composite Index rebounding after hitting a low. The total trading volume in the Shanghai and Shenzhen markets reached 2.4 trillion yuan. In terms of sectors, agriculture, pork, Xinchuang (information technology innovation), Siasun Robot & Automation, and oil and gas concepts performed actively. On the downside, concepts like computing power leasing and film industry chains weakened. By the close, the Shanghai Composite Index was up 0.19%, while the Shenzhen Component Index fell 0.56%, and the ChiNext Index dropped 0.93%. CITIC SEC believes that the rebound will continue, focusing on new strategic directions; China Securities Co., Ltd. notes that conservative investors are increasing their investment in computing power, with applications showing better-than-expected results in a closed-loop model; Huatai states that Hong Kong stock valuations have reached neutral levels, and the degree of fundamental repair may be a decisive factor. CITIC SEC: The rebound will continue, focusing on new strategic directions. Last week, the market transitioned into a phase of high-level differentiation after a broad increase the previous week, leading to a secondary shift in style: the Shanghai Composite Index closed lower, with previously resilient large-cap blue chips weakening; however, the ChiNext Index rose against the trend, while the Sci-Tech 50 and BSE 50 weakened. The previously high-performing metals sector experienced significant pullbacks, with only the communications sector leading gains independently under overseas computing power chain verification. The average daily trading volume shrank to 2.35 trillion yuan, with incremental funds shifting to bond ETFs for hedging, and the low-level counterattack is still building momentum. In terms of catalysts and timing, themes related to new computing technologies, micro-discs, new power supply architectures, and lithium batteries are expected to gain enthusiasm. Considering the market environment, catalytic factors, and comprehensive quantitative indicators, attention is recommended on the aforementioned four major thematic directions. China Securities Co., Ltd.: Conservative investors are increasing their investment in computing power, with applications performing better than expected. Since 2026, the investment logic in the AI industry has been gradually shifting from competition in model capabilities and capital expenditure to the commercialization validation of orders, revenues, and profits. Overseas Agent products have initially generated revenue growth, with cloud vendors' high-intensity computing power investment still supported by cloud revenue and existing orders. The domestic models are quickly narrowing the capability gap in Coding and Agent tasks, with improvements seen in inference efficiency, Token call volumes, and product revenues. Looking ahead to the next one to two quarters, upgrades in domestic models, agent product enhancements, and the re-pricing of flagship models are expected to drive progress together. It is recommended to continue monitoring computing power services, domestic chip research and development, and super node capabilities, as well as B-end AI application manufacturers with scene, data, and corporate delivery strengths. Huatai: Hong Kong stock valuations have reached neutral levels, and the degree of fundamental repair may be a decisive factor. Since no significant fundamental repair has been observed, relying solely on the aforementioned capital replenishment and valuation increase presents limited further potential for rising Hong Kong stock valuations. On the other hand, after experiencing a resonant decline under high global asset concentration in July, the future market structure will likely not revert to a singular main theme but will instead become more balanced. Therefore, there remains a need for capital rebalancing in Hong Kong stocks, although the selection will likely be more "picky." This article is reproduced from "Caixin News," edited by GMTEight: Chen Siyu.